The global surge in antibiotic resistance has accelerated the search for alternative antimicrobial strategies, with bacteriocins emerging as promising candidates. These ribosomally synthesized peptides exhibit potent, targeted antimicrobial activity against multidrug-resistant (MDR) pathogens and have shown efficacy in food preservation, pharmaceuticals, and clinical applications. Their specificity and rapid bactericidal action offer distinct advantages over conventional antibiotics, including a potentially lower risk of resistance development. Nonetheless, recent studies report resistance mechanisms such as membrane modifications, efflux pumps, and enzymatic degradation. Despite their potential, only a limited number of bacteriocins have been commercialized primarily for food applications with none yet approved for therapeutic use. Major barriers include low production yields, poor stability, and stringent regulatory challenges. This review presents a comprehensive overview of bacteriocins, including their classification, mechanisms of action, and commercial landscape. It further highlights current innovations aimed at overcoming translational bottlenecks, such as genetic engineering, nanotechnology-based delivery, and fermentation optimization. Ultimately, the review underscores the need for interdisciplinary research and harmonized regulatory frameworks to fully realize bacteriocins' potential in addressing the global antibiotic resistance crisis.